Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | STARRETT L S CO | |
Entity Central Index Key | 0000093676 | |
Trading Symbol | scx | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 700,913 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,190,717 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
ASSETS | ||
Cash | $ 12,854 | $ 14,827 |
Accounts receivable (less allowance for doubtful accounts of $1,101 and $1,277, respectively) | 32,567 | 33,089 |
Inventories | 63,156 | 58,039 |
Prepaid expenses and other current assets | 7,675 | 7,273 |
Total current assets | 116,252 | 113,228 |
Property, plant and equipment, net | 36,903 | 36,514 |
Taxes receivable | 1,794 | 1,820 |
Deferred tax assets, net | 15,722 | 16,739 |
Intangible assets, net | 8,617 | 9,317 |
Goodwill | 4,668 | 4,668 |
Total assets | 183,956 | 182,286 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current maturities of debt | 3,045 | 3,655 |
Accounts payable | 13,734 | 9,836 |
Accrued expenses | 5,847 | 7,533 |
Accrued compensation | 5,243 | 5,163 |
Total current liabilities | 27,869 | 26,187 |
Other tax obligations | 2,748 | 2,751 |
Long-term debt, net of current portion | 17,990 | 17,307 |
Postretirement benefit and pension obligations | 42,446 | 46,499 |
Other non-current liabilities | 1,732 | 1,671 |
Total liabilities | 92,785 | 94,415 |
Stockholders' equity: | ||
Additional paid-in capital | 55,134 | 55,641 |
Retained earnings | 79,006 | 74,368 |
Accumulated other comprehensive loss | (49,861) | (49,160) |
Total stockholders' equity | 91,171 | 87,871 |
Total liabilities and stockholders’ equity | 183,956 | 182,286 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 6,191 | 6,302 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 701 | $ 720 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Allowance for doubtful accounts | $ 1,101 | $ 1,277 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 6,190,717 | 6,302,356 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, outstanding (in shares) | 700,913 | 720,447 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |||||
Net sales | $ 58,498 | [1] | $ 54,834 | [2] | $ 166,931 | [3] | $ 158,776 | [4] |
Cost of goods sold | 39,470 | 36,762 | 112,950 | 108,235 | ||||
Gross margin | $ 19,028 | $ 18,072 | $ 53,981 | $ 50,541 | ||||
% of Net sales | 32.50% | 33.00% | 32.30% | 31.80% | ||||
Selling, general and administrative expenses | $ 15,728 | $ 15,859 | $ 46,633 | $ 47,435 | ||||
Operating income | 3,300 | 2,213 | 7,348 | 3,106 | ||||
Other income (expense) | (255) | 124 | (370) | 968 | ||||
Income before income taxes | 3,045 | 2,337 | 6,978 | 4,074 | ||||
Income tax expense | 957 | 700 | 2,380 | 8,532 | ||||
Net income (loss) | $ 2,088 | $ 1,637 | $ 4,598 | $ (4,458) | ||||
Basic income (loss) per share (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.66 | $ (0.64) | ||||
Diluted income (loss) per share (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.65 | $ (0.64) | ||||
Weighted average outstanding shares used in per share calculations: | ||||||||
Basic (in shares) | 6,892 | 7,018 | 6,978 | 7,012 | ||||
Diluted (in shares) | 6,959 | 7,036 | 7,041 | 7,012 | ||||
Dividends (in dollars per share) | $ 0.20 | |||||||
[1] | Excludes $1,555 of North American segment intercompany sales to the International segment, and $3,922 of International segment intercompany sales to the North American segment. | |||||||
[2] | Excludes $1,527 of North American segment intercompany sales to the International segment, and $3,602 of International segment intercompany sales to the North American segment. | |||||||
[3] | Excludes $3,736 of North American segment intercompany sales to the International segment, and $10,985 of International segment intercompany sales to the North American segment. | |||||||
[4] | Excludes $4,804 of North American segment intercompany sales to the International segment, and $10,290 of International segment intercompany sales to the North American segment. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 2,088 | $ 1,637 | $ 4,598 | $ (4,458) |
Other comprehensive income (loss): | ||||
Currency translation gain (loss) | 214 | 321 | (661) | 1,006 |
Pension and postretirement plans, net of tax of $0, $0, $0, and $0, respectively | (28) | (82) | ||
Other comprehensive income (loss) | 214 | 293 | (661) | 924 |
Total comprehensive income (loss) | $ 2,302 | $ 1,930 | $ 3,937 | $ (3,534) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Pension and postretirement plans, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Jun. 30, 2017 | $ 6,268 | $ 762 | $ 55,579 | $ 79,402 | $ (49,985) | $ 92,026 |
Total comprehensive income (loss) | (4,458) | 924 | (3,534) | |||
Repurchase of shares | (58) | (6) | (487) | (551) | ||
Issuance of stock | 21 | 13 | 244 | 278 | ||
Stock-based compensation | 18 | 226 | 244 | |||
Conversion | 24 | (24) | ||||
Balance at Mar. 31, 2018 | 6,273 | 745 | 55,562 | 73,543 | (49,061) | 87,062 |
Dividends ($0.20 per share) | (1,401) | (1,401) | ||||
Balance at Dec. 31, 2017 | 6,254 | 759 | 55,467 | 71,906 | (49,354) | 85,032 |
Total comprehensive income (loss) | 1,637 | 293 | 1,930 | |||
Repurchase of shares | (2) | (15) | (17) | |||
Issuance of stock | 8 | (1) | 51 | 58 | ||
Stock-based compensation | 59 | 59 | ||||
Conversion | 11 | (11) | ||||
Balance at Mar. 31, 2018 | 6,273 | 745 | 55,562 | 73,543 | (49,061) | 87,062 |
Translation loss | (42,317) | |||||
Pension and postretirement plans, net of taxes | (6,744) | |||||
Total | (49,061) | |||||
Total | (49,160) | |||||
Balance at Jun. 30, 2018 | 6,302 | 720 | 55,641 | 74,368 | (49,160) | 87,871 |
Total comprehensive income (loss) | 4,598 | (661) | 3,937 | |||
Transfer of historical translation adjustment | 40 | (40) | ||||
Repurchase of shares | (154) | (3) | (781) | (938) | ||
Issuance of stock | 8 | 32 | 40 | |||
Stock-based compensation | 19 | 242 | 261 | |||
Conversion | 24 | (24) | ||||
Balance at Mar. 31, 2019 | 6,191 | 701 | 55,134 | 79,006 | (49,861) | 91,171 |
Balance at Dec. 31, 2018 | 6,182 | 710 | 55,051 | 76,918 | (50,075) | 88,786 |
Total comprehensive income (loss) | 2,088 | 214 | 2,302 | |||
Repurchase of shares | (4) | (4) | ||||
Stock-based compensation | 87 | 87 | ||||
Conversion | 9 | (9) | ||||
Balance at Mar. 31, 2019 | 6,191 | $ 701 | $ 55,134 | $ 79,006 | (49,861) | 91,171 |
Translation loss | (49,627) | |||||
Pension and postretirement plans, net of taxes | (234) | |||||
Total | $ (49,861) | $ (49,861) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Dividends (in dollars per share) | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 4,598 | $ (4,458) |
Non-cash operating activities: | ||
Depreciation | 3,767 | 4,163 |
Amortization | 1,721 | 1,490 |
Stock-based compensation | 261 | 244 |
Net long-term tax obligations | 27 | 32 |
Deferred taxes | 984 | 7,649 |
Postretirement benefit and pension obligations | 484 | 439 |
Working capital changes: | ||
Accounts receivable | 276 | (254) |
Inventories | (5,543) | (4,720) |
Other current assets | (451) | (474) |
Other current liabilities | 2,535 | 1,007 |
Prepaid pension expense | (4,453) | (3,541) |
Other | 446 | 63 |
Net cash provided by operating activities | 4,652 | 1,640 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (4,682) | (3,250) |
Software development | (1,069) | (1,014) |
Net cash provided by (used in) investing activities | (5,751) | (4,264) |
Cash flows from financing activities: | ||
Proceeds from borrowing | 3,300 | 6,845 |
Debt repayments | (3,227) | (2,037) |
Proceeds from common stock issued | 40 | 278 |
Shares repurchased | (938) | (551) |
Dividends paid | (1,401) | |
Net cash provided by (used in) financing activities | (825) | 3,134 |
Effect of exchange rate changes on cash | (49) | 327 |
Net increase (decrease) in cash | (1,973) | 837 |
Cash, beginning of period | 14,827 | 14,607 |
Cash, end of period | 12,854 | 15,444 |
Supplemental cash flow information: | ||
Interest paid | 649 | 479 |
Income taxes paid, net | $ 1,846 | $ 175 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Account Policies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: The unaudited interim financial statements as of and for the nine March 31, 2019 not 10 June 30, 2018. not may The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes. Note 2 10 June 30, 2018 |
Note 2 - Segment Information
Note 2 - Segment Information | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 2: Segment Information The segment information and the accounting policies of each segment are the same as those described in the notes to the consolidated financial statements entitled “Financial Information by Segment & Geographic Area” included in our Annual Report on Form 10 June 30, 2018. two no North American Operations International Operations Unallocated Total Three Months ended March 31, 2019 Sales 1 $ 36,069 $ 22,429 $ - $ 58,498 Operating Income (Loss) $ 3,081 $ 2,015 $ (1,796 ) $ 3,300 Three Months ended March 31, 2018 Sales 2 $ 34,119 $ 20,715 $ - $ 54,834 Operating Income (Loss) $ 2,831 $ 629 $ (1,247 ) $ 2,213 1. Excludes $1,555 $3,922 2. Excludes $1,527 $3,602 North American Operations International Operations Unallocated Total Nine Months ended March 31, 2019 Sales 1 $ 100,897 $ 66,034 $ - $ 166,931 Operating Income (Loss) $ 6,248 $ 5,826 $ (4,726 ) $ 7,348 Nine Months ended March 31, 2018 Sales 2 $ 94,937 $ 63,839 $ - $ 158,776 Operating Income (Loss) $ 5,545 $ 1,629 $ (4,068 ) $ 3,106 1. Excludes $3,736 $10,985 2. Excludes $4,804 $10,290 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3: Revenue from Contract s with Customers On July 1, 2018, 606, 606” 606 July 1, 2018 July 1, 2018 no 606 July 1, 2018 The core principle of ASC Topic 606 five 1 2 3 4 5 The Company accounts for a contract or purchase order when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the product passes to the customer, which is upon shipment, unless otherwise specified within the customer contract or on the purchase order as delivery, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations related to timing of product shipment that will be satisfied in different accounting periods. When that is the case, revenue is deferred until each performance obligation is met. No March 31, 2019. one 606 10 50 14 not one not Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue and recorded on a net basis. Performance Obligations The Company’s primary source of revenue is derived from the manufacture and distribution of metrology tools and equipment and saw blades and related products sold to distributors. The Company recognizes revenue for sales to our customers when transfer of control of the related good or service has occurred. All of the Company’s revenue was recognized under the point in time approach for the nine March 31, 2019. not may The Company’s typical payment terms vary based on the customer, geographic region, and the type of goods and services in the contract or purchase order. The period of time between invoicing and when payment is due is typically not one 606 10 32 18 not The Company’s customers take delivery of goods, and they are recognized as revenue at the time of transfer of control to the customer, which is usually at the time of shipment, unless otherwise specified in the customer contract or purchase order. This determination is based on applicable shipping terms, as well as the consideration of other indicators, including timing of when the Company has a present right to payment, when physical possession of products is transferred to customers, when the customer has the significant risks and rewards of ownership of the asset, and any provisions in contracts regarding customer acceptance. While unit prices are generally fixed, the Company provides variable consideration for certain of our customers, typically in the form of promotional incentives at the time of sale. The Company utilizes the most likely amount consistently to estimate the effect of uncertainty on the amount of variable consideration to which the Company would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts. The most likely amounts are based upon the contractual terms of the incentives and historical experience with each customer. The Company records estimates for cash discounts, promotional rebates, and other promotional allowances in the period the related revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are presented within accrued sales incentives on the Unaudited Consolidated Balance Sheet. Actual Customer Credits have not not 606 10 25 18B With the adoption of ASC Topic 606, 606, 2019. March 31, 2019, $0.1 $0.2 The Company, in general, warrants its products against certain defects in material and workmanship when used as designed, for a period of up to 1 not Contract Balances Contract assets primarily relate to the Company’s rights to consideration for work completed but not not not no $0.4 March 31, 2019. Disaggregation of Revenue The Company operates in two 606 three nine March 31, 2019 2018: Three Months Ended Nine Months Ended 03/31/19 03/31/18 03/31/19 03/31/18 North America United States $ 33,915 $ 31,793 $ 94,275 $ 88,151 Canada & Mexico 2,154 2,326 6,622 6,786 36,069 34,119 100,897 94,937 International Brazil 13,107 11,310 37,993 35,755 United Kingdom 6,559 6,175 18,232 18,502 China 1,609 1,949 5,370 5,338 Australia & New Zealand 1,154 1,281 4,439 4,244 22,429 20,715 66,034 63,839 Total Sales $ 58,498 $ 54,834 $ 166,931 $ 158,776 |
Note 4 - Recent Accounting Pron
Note 4 - Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 4: Recent A ccounting Pronouncements In August 2018, No. 33 10532, Disclosure Update and Simplification, November 5, 2018, not first 10 10 In February 2016, 2016 02, 842 2016 02 12 not December 15, 2018, No. 2018 10 842, No. 2018 11 842 July 2018, No. 2018 20 842 December 2018. 2018 10 2018 20 2016 02. 2018 11 2016 02 first September 30, 2019. The Company has established a transition team, and continues to evaluate critical components of ASC Topic 842 not 842, In June 2016, 2016 13, 326 2018 19 November 2018. not not 2018 19 not December 15, 2019, December 15, 2018, In January 2017, No. 2017 04, 350 2, not 1 December 15, 2019 January 1, 2017. In February 2018, No. 2018 02, 220 2018 02, 2017 December 15, 2018 not 2017 In August 2018, No. 2018 13, 820' 820, 3 3 December 15, 2019. 2018 13 In August 2018, No. 2018 14, 715 20 2018 14 not December 15, 2020. 2018 14 2018 14 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 5: On September 5, 2012, 2012 “2012 2012 October 17, 2012, October 18, 2017. 2012 2012 500,000 Options granted vest in periods ranging from one three ten one three March 31, 2019, 20,000 197,002 230,033 2012 March 31, 2019. For stock option grants, the fair value of each grant is estimated at the date of grant using the Binomial Options pricing model. The Binomial Options pricing model utilizes assumptions related to stock volatility, the risk-free interest rate, the dividend yield, and employee exercise behavior. Expected volatilities utilized in the model are based on the historic volatility of the Company’s stock price. The risk free interest rate is derived from the U.S. Treasury Yield curve in effect at the time of the grant. The expected life is determined using the average of the vesting period and contractual term of the options (Simplified Method). No nine March 31, 2019 2018. The weighted average contractual term for stock options outstanding as of March 31, 2019 3.75 March 31, 2019 $0.1 March 31, 2018 20,000. 2012 no The Company accounts for stock options and RSU awards by recognizing the expense of the grant date fair value ratably over vesting periods generally ranging from one three There were 67,000 $6.34 nine March 31, 2019. 10,799 no nine March 31, 2019. March 31, 2019 $1.5 March 31, 2019, On February 5, 2013, 2013 “2013 4975 7 1986, Compensation expense related to all stock based plans for the nine March 31, 2019 2018 $0.3 $0.2 March 31, 2019, $1.8 $1.4 not $0.4 1.8 |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 6: Inventories consist of the following (in thousands): 03/31/2019 6/30/2018 Raw material and supplies $ 26,172 $ 23,764 Goods in process and finished parts 18,519 18,423 Finished goods 42,585 40,739 87,276 82,926 LIFO Reserve (24,120 ) (24,887 ) $ 63,156 $ 58,039 LIFO inventories were $7.3 $8.4 March 31, 2019 June 30, 2018, $24.1 $24.9 $0.8 nine March 31, 2019 $0.2 nine March 31, 2018. |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7: The Company’s acquisition of Bytewise in 2011 2017 $4.7 not not The Company performed a qualitative analysis of its Bytewise reporting unit for its October 1, 2018 not not not October 1, 2018. may Determining the fair value of a reporting unit is subjective and requires the use of the significant estimates and assumptions. The Company estimates the fair value using an income approach based on the present value of future cash flows. The Company believes this approach yields the most appropriate evidence of fair value. The key assumptions utilized in the discounted cash flow model includes estimates of future cash flows from operating activities offset by estimated capital expenditures of the reporting unit, the estimated terminal value for the reporting unit, a discount rate based on a weighted average cost of capital and overall economic conditions. Any unfavorable material changes to these key assumptions could potentially impact the Company’s fair value determinations. Under the quantitative analysis, the 2019 no may Amortizable intangible assets consist of the following (in thousands): 03/31/2019 6/30/2018 Non-compete agreement $ 600 $ 600 Trademarks and trade names 2,070 2,070 Completed technology 2,358 2,358 Customer relationships 5,580 5,580 Software development 8,559 7,600 Other intangible assets 325 325 Total 19,492 18,533 Accumulated amortization (10,875 ) (9,216 ) Total net balance $ 8,617 $ 9,317 Amortizable intangible assets are being amortized on a straight-line basis over the period of expected economic benefit. The estimated useful lives of the intangible assets subject to amortization range between 5 20 The estimated aggregate amortization expense for the remainder of fiscal 2019 five 2019 (Remainder of year) $ 646 2020 1,959 2021 1,556 2022 1,324 2023 1,021 2024 604 Thereafter 1,507 |
Note 8 - Pension and Post-retir
Note 8 - Pension and Post-retirement Benefits | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 8: The Company has two one The U.K. defined benefit plan was closed to new entrants in fiscal 2009. On December 21, 2016, December 31, 2016. no December 31, 2016. Net periodic benefit costs for all of the Company's defined benefit pension plans consist of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2019 03/31/2018 03/31/2019 03/31/2018 Service cost $ - $ - $ - $ - Interest cost 1,508 1,531 4,514 4,560 Expected return on plan assets (1,286 ) (1,300 ) (3,849 ) (3,876 ) Amortization of net loss 5 5 19 17 $ 227 $ 236 $ 684 $ 701 Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands): Three Months Ended Nine Months Ended 03/31/2019 03/31/2018 03/31/2019 03/31/2018 Service cost $ 18 $ 21 $ 54 $ 64 Interest cost 66 69 199 203 Amortization of prior service credit (134 ) (134 ) (403 ) (403 ) Amortization of net loss 7 24 22 74 $ (43 ) $ (20 ) $ (128 ) $ (62 ) For the nine March 31, 2019, $3.5 $0.7 $1.3 2019. The Company’s pension plans use fair value as the market-related value of plan assets and recognize net actuarial gains or losses in excess of ten 10% 10% |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 : Debt Debt is comprised of the following (in thousands): 03/31/2019 6/30/2018 Short-term and current maturities Loan and Security Agreement $ 1,745 $ 1,688 Other loans 1,300 1,967 3,045 3,655 Long-term debt Loan and Security Agreement, net of current portion 17,990 17,307 $ 21,035 $ 20,962 The Company amended its Loan and Security Agreement, which includes a Line of Credit and a Term Loan (“Credit Facility”), in January 2018. may not $23.0 1.5%, April 30, 2021. nine March 31, 2019 2018 4.0% 3.2%, March 31, 2019, $14.9 Availability under the Line of Credit is subject to a borrowing base comprised of accounts receivable and inventory. The Company believes that the borrowing base will consistently produce availability under the Line of Credit of $23.0 0.25% The obligations under the Credit Facility are unsecured. In the event of certain triggering events, such obligations would become secured by the assets of the Company’s domestic subsidiaries. A triggering event occurs when the Company fails to achieve any of the financial covenants noted below in consecutive quarters. The financial covenants of the amended Loan and Security Agreement are: 1 not 2.25 1.00, 2 not $15.0 3 1.25 1.00, 4 not $10.0 March 31, 2019, On November 22, 2011, $15.5 ten 4.5% $160,640. $4.8 March 31, 2019. In December 2017, two $3.5 $1.5 180 4.19% $2.0 360 4.75%. 2018, March 29, 2019 APR 4.75%. March 2019, $1.3 $0.8 February 2020 5.3% $0.5 March 2020, 4.27%. March 31, 2019, $1.3 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10: The Company is subject to U.S. federal income tax and various state, local, and foreign income taxes in numerous jurisdictions. The Company’s domestic and foreign tax liabilities are subject to the allocation of revenues and expenses in different jurisdictions and the timing of recognizing revenues and expenses. Additionally, the amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files. The Company provides for income taxes on an interim basis based on an estimate of the effective tax rate for the year. This estimate is reassessed on a quarterly basis. Discrete tax items are accounted for in the quarterly period in which they occur. On December 22, 2017, 35% 21%, one 740 No. 118 118” no one As of December 31, 2018, six December 31, 2018, not The Company has incorporated the other impacts of tax reform that became effective for the Company in fiscal 2019 2019, 10.5% may 2019 7%. The tax expense for the third 2019 $1.0 $3.0 31% third 2019 2019, third 2018 $0.7 $2.3 30% For the first nine 2019, $2.4 $7.0 34% first nine 2019 2019, first nine 2018, $8.5 $4.1 209%. $1.3 31.5% U.S. Federal tax returns for years prior to fiscal 2016 no December 31, 2018, no may 2013 twelve $0.1 Accounting for income taxes requires estimates of future benefits and tax liabilities. Due to the temporary differences in the timing of recognition of items included in income for accounting and tax purposes, deferred tax assets or liabilities are recorded to reflect the impact arising from these differences on future tax payments. With respect to recorded tax assets, the Company assesses the likelihood that the asset will be realized by addressing the positive and negative evidence to determine whether realization is more likely than not not not No not |
Note 11 - Contingencies
Note 11 - Contingencies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11: The Company is involved in certain legal matters, which arise, in the normal course of business. These matters are not |
Note 12 - Facility Closure
Note 12 - Facility Closure | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 12: The Company decided in January 2018 no $4.1 2016, March 31, 2019, $2.2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The unaudited interim financial statements as of and for the nine March 31, 2019 not 10 June 30, 2018. not may The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes. Note 2 10 June 30, 2018 |
Note 2 - Segment Information (T
Note 2 - Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | North American Operations International Operations Unallocated Total Three Months ended March 31, 2019 Sales 1 $ 36,069 $ 22,429 $ - $ 58,498 Operating Income (Loss) $ 3,081 $ 2,015 $ (1,796 ) $ 3,300 Three Months ended March 31, 2018 Sales 2 $ 34,119 $ 20,715 $ - $ 54,834 Operating Income (Loss) $ 2,831 $ 629 $ (1,247 ) $ 2,213 North American Operations International Operations Unallocated Total Nine Months ended March 31, 2019 Sales 1 $ 100,897 $ 66,034 $ - $ 166,931 Operating Income (Loss) $ 6,248 $ 5,826 $ (4,726 ) $ 7,348 Nine Months ended March 31, 2018 Sales 2 $ 94,937 $ 63,839 $ - $ 158,776 Operating Income (Loss) $ 5,545 $ 1,629 $ (4,068 ) $ 3,106 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended 03/31/19 03/31/18 03/31/19 03/31/18 North America United States $ 33,915 $ 31,793 $ 94,275 $ 88,151 Canada & Mexico 2,154 2,326 6,622 6,786 36,069 34,119 100,897 94,937 International Brazil 13,107 11,310 37,993 35,755 United Kingdom 6,559 6,175 18,232 18,502 China 1,609 1,949 5,370 5,338 Australia & New Zealand 1,154 1,281 4,439 4,244 22,429 20,715 66,034 63,839 Total Sales $ 58,498 $ 54,834 $ 166,931 $ 158,776 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 03/31/2019 6/30/2018 Raw material and supplies $ 26,172 $ 23,764 Goods in process and finished parts 18,519 18,423 Finished goods 42,585 40,739 87,276 82,926 LIFO Reserve (24,120 ) (24,887 ) $ 63,156 $ 58,039 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 03/31/2019 6/30/2018 Non-compete agreement $ 600 $ 600 Trademarks and trade names 2,070 2,070 Completed technology 2,358 2,358 Customer relationships 5,580 5,580 Software development 8,559 7,600 Other intangible assets 325 325 Total 19,492 18,533 Accumulated amortization (10,875 ) (9,216 ) Total net balance $ 8,617 $ 9,317 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 (Remainder of year) $ 646 2020 1,959 2021 1,556 2022 1,324 2023 1,021 2024 604 Thereafter 1,507 |
Note 8 - Pension and Post-ret_2
Note 8 - Pension and Post-retirement Benefits (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended 03/31/2019 03/31/2018 03/31/2019 03/31/2018 Service cost $ - $ - $ - $ - Interest cost 1,508 1,531 4,514 4,560 Expected return on plan assets (1,286 ) (1,300 ) (3,849 ) (3,876 ) Amortization of net loss 5 5 19 17 $ 227 $ 236 $ 684 $ 701 Three Months Ended Nine Months Ended 03/31/2019 03/31/2018 03/31/2019 03/31/2018 Service cost $ 18 $ 21 $ 54 $ 64 Interest cost 66 69 199 203 Amortization of prior service credit (134 ) (134 ) (403 ) (403 ) Amortization of net loss 7 24 22 74 $ (43 ) $ (20 ) $ (128 ) $ (62 ) |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 03/31/2019 6/30/2018 Short-term and current maturities Loan and Security Agreement $ 1,745 $ 1,688 Other loans 1,300 1,967 3,045 3,655 Long-term debt Loan and Security Agreement, net of current portion 17,990 17,307 $ 21,035 $ 20,962 |
Note 2 - Segment Information (D
Note 2 - Segment Information (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Number of Reportable Segments | 2 | 2 | ||
Intersegment Eliminations [Member] | North American Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,555 | $ 1,527 | $ 3,736 | $ 4,804 |
Intersegment Eliminations [Member] | International Segment [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,922 | $ 3,602 | $ 10,985 | $ 10,290 |
Note 2 - Segment Information -
Note 2 - Segment Information - Summary of Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |||||
Sales | $ 58,498 | [1] | $ 54,834 | [2] | $ 166,931 | [3] | $ 158,776 | [4] |
Operating Income (Loss) | 3,300 | 2,213 | 7,348 | 3,106 | ||||
North American Segment [Member] | ||||||||
Sales | 36,069 | [1] | 34,119 | [2] | 100,897 | [3] | 94,937 | [4] |
Operating Income (Loss) | 3,081 | 2,831 | 6,248 | 5,545 | ||||
International [Member] | ||||||||
Sales | 22,429 | [1] | 20,715 | [2] | 66,034 | [3] | 63,839 | [4] |
Operating Income (Loss) | 2,015 | 629 | 5,826 | 1,629 | ||||
Unallocated [Member] | ||||||||
Sales | [1] | [2] | [3] | [4] | ||||
Operating Income (Loss) | $ (1,796) | $ (1,247) | $ (4,726) | $ (4,068) | ||||
[1] | Excludes $1,555 of North American segment intercompany sales to the International segment, and $3,922 of International segment intercompany sales to the North American segment. | |||||||
[2] | Excludes $1,527 of North American segment intercompany sales to the International segment, and $3,602 of International segment intercompany sales to the North American segment. | |||||||
[3] | Excludes $3,736 of North American segment intercompany sales to the International segment, and $10,985 of International segment intercompany sales to the North American segment. | |||||||
[4] | Excludes $4,804 of North American segment intercompany sales to the International segment, and $10,290 of International segment intercompany sales to the North American segment. |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Contract with Customer, Liability, Total | $ 400 | $ 400 |
Number of Reportable Segments | 2 | 2 |
Prepaid Expenses and Other Current Assets [Member] | ||
Contract with Customer, Right to Recover Product, Total | $ 100 | $ 100 |
Accrued Expenses [Member] | ||
Contract with Customer, Refund Liability, Total | $ 200 | $ 200 |
Note 3 - Revenue from Contrac_4
Note 3 - Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |||||
Net sales | $ 58,498 | [1] | $ 54,834 | [2] | $ 166,931 | [3] | $ 158,776 | [4] |
North American Segment [Member] | ||||||||
Net sales | 36,069 | [1] | 34,119 | [2] | 100,897 | [3] | 94,937 | [4] |
International Segment [Member] | ||||||||
Net sales | 22,429 | 20,715 | 66,034 | 63,839 | ||||
UNITED STATES | North American Segment [Member] | ||||||||
Net sales | 33,915 | 31,793 | 94,275 | 88,151 | ||||
Canada and Mexico [Member] | North American Segment [Member] | ||||||||
Net sales | 2,154 | 2,326 | 6,622 | 6,786 | ||||
BRAZIL | International Segment [Member] | ||||||||
Net sales | 13,107 | 11,310 | 37,993 | 35,755 | ||||
UNITED KINGDOM | International Segment [Member] | ||||||||
Net sales | 6,559 | 6,175 | 18,232 | 18,502 | ||||
CHINA | International Segment [Member] | ||||||||
Net sales | 1,609 | 1,949 | 5,370 | 5,338 | ||||
Australia and New Zealand [Member] | International Segment [Member] | ||||||||
Net sales | $ 1,154 | $ 1,281 | $ 4,439 | $ 4,244 | ||||
[1] | Excludes $1,555 of North American segment intercompany sales to the International segment, and $3,922 of International segment intercompany sales to the North American segment. | |||||||
[2] | Excludes $1,527 of North American segment intercompany sales to the International segment, and $3,602 of International segment intercompany sales to the North American segment. | |||||||
[3] | Excludes $3,736 of North American segment intercompany sales to the International segment, and $10,985 of International segment intercompany sales to the North American segment. | |||||||
[4] | Excludes $4,804 of North American segment intercompany sales to the International segment, and $10,290 of International segment intercompany sales to the North American segment. |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 05, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||
The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 230,033 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 273 days | ||
Share-based Payment Arrangement, Expense | $ 0.3 | $ 0.2 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.4 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
The 2012 Stock Incentive Plan [Member] | Total Unrecognized Compensation Including Portion Relating to Grants Not Expected to Be Awarded [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.8 | ||
The 2012 Stock Incentive Plan [Member] | Portion Relating to RSU Grants Not Expected to be Awarded [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.4 | ||
Share-based Payment Arrangement, Option [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 20,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 20,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 197,002 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 10,799 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Minimum [Member] | Share-based Payment Arrangement, Option [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | The 2012 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
LIFO Inventory Amount | $ 7.3 | $ 8.4 | |
Inventory Difference Using FIFO Basis | 24.1 | $ 24.9 | |
Cost of Sales [Member] | |||
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ 0.8 | $ (0.2) |
Note 6 - Inventories - Componen
Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Raw material and supplies | $ 26,172 | $ 23,764 |
Goods in process and finished parts | 18,519 | 18,423 |
Finished goods | 42,585 | 40,739 |
Total, before LIFO Reserve | 87,276 | 82,926 |
LIFO Reserve | (24,120) | (24,887) |
Total | $ 63,156 | $ 58,039 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2018 | |
Goodwill, Ending Balance | $ 4,668 | $ 4,668 |
Goodwill, Impairment Loss | $ 0 | |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Intangible assets, gross | $ 19,492 | $ 18,533 |
Accumulated amortization | (10,875) | (9,216) |
Total net balance | 8,617 | 9,317 |
Noncompete Agreements [Member] | ||
Intangible assets, gross | 600 | 600 |
Trademarks and Trade Names [Member] | ||
Intangible assets, gross | 2,070 | 2,070 |
Completed Technology [Member] | ||
Intangible assets, gross | 2,358 | 2,358 |
Customer Relationships [Member] | ||
Intangible assets, gross | 5,580 | 5,580 |
Software Developement [Member] | ||
Intangible assets, gross | 8,559 | 7,600 |
Other Intangible Assets [Member] | ||
Intangible assets, gross | $ 325 | $ 325 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 (Remainder of year) | $ 646 |
2020 | 1,959 |
2021 | 1,556 |
2022 | 1,324 |
2023 | 1,021 |
2024 | 604 |
Thereafter | $ 1,507 |
Note 8 - Pension and Post-ret_3
Note 8 - Pension and Post-retirement Benefits (Details Textual) $ in Millions | 9 Months Ended |
Mar. 31, 2019USD ($) | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 1.3 |
Pension Plan [Member] | UNITED STATES | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3.5 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.7 |
Note 8 - Pension and Post-ret_4
Note 8 - Pension and Post-retirement Benefits - Net Periodic Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan [Member] | ||||
Service cost | ||||
Interest cost | 1,508 | 1,531 | 4,514 | 4,560 |
Expected return on plan assets | (1,286) | (1,300) | (3,849) | (3,876) |
Amortization of net loss | 5 | 5 | 19 | 17 |
Total | 227 | 236 | 684 | 701 |
Post Retirement Medical Plan [Member] | ||||
Service cost | 18 | 21 | 54 | 64 |
Interest cost | 66 | 69 | 199 | 203 |
Amortization of net loss | 7 | 24 | 22 | 74 |
Total | (43) | (20) | (128) | (62) |
Amortization of prior service credit | $ (134) | $ (134) | $ (403) | $ (403) |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) | Nov. 22, 2011USD ($) | Mar. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018 | Jun. 30, 2018USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,000,000 | ||||||
Line of Credit Facility, Interest Rate During Period | 4.00% | 3.20% | |||||
Long-term Line of Credit, Total | $ 14,900,000 | $ 14,900,000 | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||
Minimum Consolidated Cash and Liquid Investments Pursuant to New Loan and Security Agreement | $ 10,000,000 | ||||||
Long-term Debt, Total | 21,035,000 | 21,035,000 | $ 20,962,000 | ||||
Notes Payable to Banks [Member] | Santander Bank and Bradesco Bank [Member] | |||||||
Debt Instrument, Face Amount | $ 3,500,000 | ||||||
Short-term Debt, Total | $ 1,300,000 | $ 1,300,000 | |||||
Notes Payable to Banks [Member] | Santander Bank [Member] | |||||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||||
Debt Instrument, Term | 180 days | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | 4.19% | 5.30% | ||||
Short-term Debt, Total | $ 800,000 | $ 800,000 | |||||
Notes Payable to Banks [Member] | Bradesco Bank [Member] | |||||||
Debt Instrument, Face Amount | $ 2,000,000 | ||||||
Debt Instrument, Term | 360 days | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | 4.75% | 4.27% | ||||
Short-term Debt, Refinanced, Amount | $ 1,300,000 | ||||||
Short-term Debt, Total | 500,000 | $ 500,000 | |||||
Term Loan [Member] | |||||||
Debt Instrument, Face Amount | $ 15,500,000 | ||||||
Debt Instrument, Term | 10 years | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||
Debt Instrument, Periodic Payment, Total | $ 160,640 | ||||||
Long-term Debt, Total | $ 4,800,000 | $ 4,800,000 | |||||
Maximum [Member] | |||||||
Current Funded Debt to EBITDA Ratio | 2.25 | ||||||
Annual Capital Expenditures | $ 15,000,000 | ||||||
Debt Service Coverage Rate | 1.25 | ||||||
Minimum [Member] | |||||||
Current Funded Debt to EBITDA Ratio | 1 | ||||||
Debt Service Coverage Rate | 1 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 9 - Debt - Debt Schedule (
Note 9 - Debt - Debt Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jun. 30, 2018 |
Short-term and current maturities | ||
Loan and Security Agreement | $ 1,745 | $ 1,688 |
Other loans | 1,300 | 1,967 |
Total | 3,045 | 3,655 |
Long-term debt | ||
Loan and Security Agreement, net of current portion | 17,990 | 17,307 |
Total | $ 21,035 | $ 20,962 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ 957 | $ 700 | $ 2,380 | $ 8,532 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ 3,045 | $ 2,337 | $ 6,978 | $ 4,074 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 31.00% | 30.00% | 34.00% | 209.00% | |
Income Tax Expense (Benefit), Before Tax Cuts and Jobs Act | $ 1,300 | ||||
Effective Income Tax Rate Reconciliation, Before Tax Cuts and Jobs Act, Percent | 31.50% | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | |||
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | |||||
Unrecognized Tax Benefits, Ending Balance | $ 100 | $ 100 | |||
Forecast [Member] | |||||
Additional Tax Rate On Foreign Income | 10.50% | ||||
Effective Income Tax Rate, Reconcilation Effected by GILTI, Estimate Increase | 7.00% |
Note 12 - Facility Closure (Det
Note 12 - Facility Closure (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment, Net, Ending Balance | $ 36,903 | $ 36,514 | |
Vacated Facility at Mt. Airy, North Carolina [Member] | |||
Impairment of Long-Lived Assets to be Disposed of | $ 4,100 | ||
Property, Plant and Equipment, Net, Ending Balance | $ 2,200 |